Note 9 - Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Notes to Financial Statements

Earnings Per Share [Text Block]

Note 9 — Net Loss Per Share

The following table (in thousands, except for loss per share) reconciles basic and diluted weighted average common shares outstanding for each of the three and  six months ended June 30, 2021 and 2020:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2021			2020			2021			2020
Weighted average common shares outstanding:
Basic		118,382			117,388			118,322			117,370
Dilutive unvested stock, convertible preferred stock, Common Stock Warrants and IPO Warrants		—			—			—			—
Diluted		118,382			117,388			118,322			117,370
Basic and diluted net loss per share attributable to common stockholders	$	(0.13	)	$	(0.08	)	$	(0.19	)	$	(0.10	)

Potentially dilutive securities not included in the diluted net loss per share computations because their effect would have been anti-dilutive were as follows (in thousands):

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2021		2020		2021		2020
Unvested stock (1)		1,555		930		1,453		1,034
Convertible preferred stock		27,129		16,380		26,380		16,143
Common Stock Warrants		2,873		1,971		2,474		1,967
IPO Warrants(2)		12,082		12,082		12,082		12,082
Total potentially dilutive common shares		43,639		31,363		42,389		31,226

⁽¹⁾ Does not include 2.6 million shares for each of the three and six months ended June 30, 2021 and 3.0 million shares for each of the three and six months ended June 30, 2020, of unvested stock because the performance conditions had not yet been satisfied as of June 30, 2021 and 2020, respectively. 

⁽²⁾ The IPO Warrants were issued in connection with our initial public offering in 2015. The IPO Warrants are exercisable at a price of $11.50 per share and expire on July 24, 2022. The Company may redeem the IPO Warrants at a price of $0.01 per IPO Warrant upon 30 days’ notice only if the last sale price of our common stock is at least $17.50 per share for any 20 trading days within a 30 trading day period. If the Company redeems the IPO Warrants in this manner, the Company will have the option to do so on a cashless basis with the issuance of an economically equivalent number of shares of Company common stock.